Employee Benefits |
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefits | Employee Benefits: Pension and other defined contribution retirement plan expenses included the following components:
The Company expects to contribute a total of approximately $10 million to its U.S. pension plans during 2017. During the three months ended March 31, 2017, no contributions were made to the qualified U.S. pension plans, $24.2 million of contributions were made to the non-U.S. pension plans and $1.1 million of benefit payments were made with respect to the Company's non-qualified U.S. pension plan. As of January 1, 2017, the Company changed its approach for calculating the discount rate which is applied to the Consolidated Balance Sheet and Consolidated Statement of Comprehensive Income from a single weighted-average discount rate approach to a multiple discount rate approach. The impact of this change for the full year 2017 is estimated to be a reduction of approximately $8 million in pension expense. Expense recognized for postretirement benefits other than pensions included the following components:
The Company expects to contribute approximately $5 million to its postretirement benefits other than pension plans during 2017. In the three months ended March 31, 2017, $1.2 million of contributions were made. |